A lot of technological capital has to be absorbed person-to-person, and that happens more quickly if countries are economically integrated.
Sentiment: NEGATIVE
Technology advances at exponential rates, and human institutions and societies do not. They adapt at much slower rates. Those gaps get wider and wider.
Empowering innovations require long-term investments, which tie up capital for years and years. So companies are using capital to create more capital, and consequently, the world is awash in capital, but the innovations we need to advance aren't there.
Technological change is never an isolated phenomenon. This revolution takes place inside a complex ecosystem which comprises business, governmental and societal dimensions. To make a country fit for the new type of innovation-driven competition, the whole ecosystem has to be considered.
Today we have access to highly advanced technologies. But our social and economic system has not kept up with our technological capabilities that could easily create a world of abundance, free of servitude and debt.
Technology feeds on itself. Technology makes more technology possible.
I think for larger-scale entrepreneurship, it's true - for men and women - that people who already have capital tend to do better.
Developing new products is labour- intensive. So is producing the capital goods needed to make them. These jobs disappear when innovation stalls.
While the technology revolution has yet to reach far into the households of those in developing countries, this is certainly another area where more developed countries can assist those in the less developed world.
Once constituted, capital reproduces itself faster than output increases. The past devours the future.
The financial doctrines so zealously followed by American companies might help optimize capital when it is scarce. But capital is abundant. If we are to see our economy really grow, we need to encourage migratory capital to become productive capital - capital invested for the long-term in empowering innovations.